In a major move to shape its global gaming plans, India’s listed gaming major Nazara Technologies has acquired 100% stake in Curve Digital Entertainment, popularly known as Curve Games, a London-based publisher of PC and console games, for INR 247 crore (~GBP 21.7 million). This is Nazara’s biggest move yet to become a “global gaming giant from India”.
Notably, prominent investors Rekha Jhunjhunwala and Madhusudan Kela hold significant stakes in Nazara Technologies. Jhunjhunwala has newly acquired a 7.10% stake, amounting to an investment of INR 792.4 crore through 61,83,620 shares. Meanwhile, Madhusudan Kela holds a 1.30% stake valued at INR 140.7 crore, with 10,96,305 shares, maintaining his position from the previous quarter.
Moving Beyond Mobile: A Strategic Play
Curve Games is a well-known name in the console and PC game publishing space, with a portfolio of popular indie hits like Human: Fall Flat, The Ascent, Bomber Crew, Badlands Crew and For The King. Together, their games have clocked over 100 million downloads globally, making Curve a significant player in the global gaming landscape.
The acquisition is in line with Nazara’s strategy to move beyond mobile gaming into the USD 100 billion PC and console gaming market. This is in line with the company’s acquisition-led growth strategy after previous high-profile buys like UK-based mobile studio Fusebox Games, the maker of Love Island: The Game.
Nazara’s CEO and Joint MD Nitish Mittersain said: “Curve’s expertise in PC and console publishing makes them the perfect partner as we expand our focus into high-quality, cross-platform gaming. This acquisition adds to our capabilities, brings great IP into our fold and strengthens our mission to build Nazara as a global gaming giant from India.”
Financial Strength and Synergy
Curve reported a strong financial performance in calendar year 2024, with:
- Revenue: INR 263.5 crore
- EBITDA: INR 114.4 crore
- Profit Before Tax (PBT): INR 49.6 crore
The INR 247 crore deal was fully funded through Nazara’s internal accruals and cash reserves, reflecting the company’s robust balance sheet and operational cash flow strength.
According to Mittersain, the first year post-acquisition will focus on stabilization and integration, with expectations of delivering 15–20% compound annual growth over a two to three-year horizon. Curve will not only boost Nazara’s publishing muscle but also serve as a “gateway to the world” for Indian game developers, enabling international collaboration and exposure.
Global and Domestic Gaming Synergies
Mittersain outlined synergies between Nazara’s existing mobile portfolio and Curve’s console and PC capabilities, aiming to bridge Indian game development with international publishing infrastructure.
This acquisition also coincides with Nazara’s planned launch of the ‘Bigg Boss’ mobile game in India within the next few months, following the global rollout of Big Brother: The Game by Fusebox Studios. Nazara appears set to leverage globally recognized IPs across platforms, creating a hybrid content strategy spanning mobile, PC, and console.
Market Impact and Growth Outlook
Nazara Technologies’ market capitalization stands at approximately INR 11,340 crore, with the stock trading around INR 1,300 on the NSE—up 109% over the past year, reflecting investor confidence in its acquisition-led expansion strategy.
The addition of Curve bolsters Nazara’s vision of building a diversified, cross-platform gaming ecosystem. By acquiring a seasoned UK publisher with existing footprints in North America, Asia-Pacific, and Europe, Nazara is not only diversifying geographically but also cementing its place in premium segments of the gaming industry.
Industry Reactions and Forward View
Stuart Dinsey, Executive Chairman of Curve Games, welcomed the deal: “Joining the Nazara family is an exciting new chapter for Curve. We are aligned in our vision of building a leading global indie publishing platform. Nazara’s ecosystem and access to emerging markets make them a compelling strategic partner.”
Analysts view this acquisition as a transformational milestone for Nazara—moving from a predominantly mobile-first company to a multi-platform global publisher. It also signals India’s growing influence in the global gaming arena, as domestic firms begin to acquire international assets with strategic value.
Conclusion
Nazara Technologies’ acquisition of Curve Games is more than a financial transaction; it is a strategic declaration. As the gaming industry grows increasingly competitive and globalized, Nazara is positioning itself at the confluence of emerging markets, cross-platform IP development, and global publishing reach.
If executed effectively, this move could not only elevate Nazara’s brand equity but also serve as a blueprint for other Indian tech firms aiming for global dominance in creative industries.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.